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FOUR-POINT PROGRAM, EARLY 191*6
(1) Elimination of preferential discount rate
Proposed in July 19 k$> December 19k$9 January 191*6, and March 1946,
opposed by Secretary of Treasury in each case.
Eliminated in April 191*6.
(2) Increase in bill rate and elimination of buying rate by Federal Reserve
Suggested during war and again proposed in July 191*5.
To be accompanied by reduction in market bills and exchange of
Federal Reserve bill holdings for special certificate at 1/8
per cent.
(3) Debt retirement through use of Treasuiy cash balance
(]*) Establishment of bill-certificate reserve requirement

Attachments
Preferential discount rate
Eccles to Morgenthau
Letter K?/ 9/1*5
7/27/1& Vinson to Ransom
Eccles to Vinson
vf2/l3/l£
Vinson to Eccles
V12/29/kS
1/28/1*6 Report by Thomas of meeting with Treasury staff
Memo
n
1/31/1*6 Report by Eccles of conference with Secretary
of Treasury
Letter *3/22/k& Eccles to Vinson
» K-3/23A6 Vinson to Eccles
Eccles to Vinson
A/1S/U6
Dates of elimination of preferential rate by each Federal Reserve
Bank
General
Memo
3/5A6
Inflation, Bank Credit, and the Government Debt
Annual Report 19b$$ PP» 1-8, Monetary Situation as a Result of War







DATES OF ELIMINATION OF THE FEDERAL RESERVE PREFERENTIAL
DISCOUNT RATE ON ADVANCES SECURED BY
GOVERNMENT OBLIGATIONS
April-May 19^6
Federal Reserve Bank

Date

Boston

April 27

New York

April 25

Philadelphia

April 25

Cleveland

May 3

R ichmond

May 10

Atlanta

May 10

Chicago

April 26

St. Louis

April 26

Minneapolis

April 26

Kansas City-

April 27

Dallas

May 10

San Francisco

April 25